In a bid to bolster the naira against the dollar, the Federal Government has submitted the Economic Stabilization Bill to the National Assembly. The proposed legislation seeks to regulate the operations of the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA), ensuring that all revenue generated is collected in naira.
According to Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, the bill will empower NIMASA and the NPA to collect fees, charges, levies, and fines in naira at the prevailing exchange rate, instead of exclusively in dollars. This move is part of the government’s efforts to promote the use of the national currency and reduce the reliance on the dollar in the economy.
“As the government strives to reinforce the use of our national currency, payments will now be made in naira, eliminating the need for dollars,” Onanuga stated.
The bill also proposes amendments to the National Identity Commission Act of 2004, requiring all Nigerians, including foreigners earning income in the country, to obtain a National Identification Number (NIN). This initiative aims to integrate more individuals into Nigeria’s tax system, thereby boosting the nation’s revenue base.
“The Economic Stabilisation Bill includes amendments to the National Identity Management Commission Act, mandating the registration of everyone living in Nigeria, including foreigners, with a NIN, to facilitate taxation and integration into our tax structure,” Onanuga explained.
The Federal Executive Council (FEC) has approved the Economic Stabilisation Bill, which is expected to enhance Nigeria’s economic stability and growth.
